Naples Global Advisors LLC Has $9.98 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Naples Global Advisors LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 2.3% in the first quarter, HoldingsChannel reports. The fund owned 47,638 shares of the company’s stock after selling 1,135 shares during the quarter. AbbVie makes up approximately 0.9% of Naples Global Advisors LLC’s holdings, making the stock its 16th largest holding. Naples Global Advisors LLC’s holdings in AbbVie were worth $9,981,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. EnRich Financial Partners LLC increased its position in shares of AbbVie by 196.4% during the fourth quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock worth $29,000 after acquiring an additional 110 shares in the last quarter. Promus Capital LLC bought a new position in AbbVie in the 4th quarter valued at about $30,000. Bradley & Co. Private Wealth Management LLC acquired a new position in AbbVie during the 4th quarter valued at about $31,000. Prudent Man Investment Management Inc. bought a new stake in AbbVie during the 4th quarter worth approximately $32,000. Finally, Siemens Fonds Invest GmbH increased its holdings in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $210.08, for a total transaction of $12,359,426.56. Following the completion of the transaction, the executive vice president now owns 53,234 shares in the company, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on ABBV. The Goldman Sachs Group restated a “neutral” rating and issued a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Citigroup reissued a “neutral” rating and issued a $205.00 price target (down from $210.00) on shares of AbbVie in a research report on Wednesday, May 14th. Wall Street Zen downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Evercore ISI upped their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Finally, Cantor Fitzgerald assumed coverage on shares of AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Eight analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $210.95.

AbbVie Stock Up 0.0%

AbbVie stock opened at $187.30 on Thursday. The firm has a 50 day moving average price of $185.01 and a 200-day moving average price of $186.65. The company has a quick ratio of 0.55, a current ratio of 0.66 and a debt-to-equity ratio of 17.94. AbbVie Inc. has a twelve month low of $162.16 and a twelve month high of $218.66. The company has a market capitalization of $330.85 billion, a P/E ratio of 78.04, a P/E/G ratio of 1.62 and a beta of 0.56.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.40 by $0.06. AbbVie had a return on equity of 296.28% and a net margin of 7.59%. The business had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. During the same quarter in the prior year, the business earned $2.31 earnings per share. AbbVie’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.